"Therefore, based on the current performance and management...

"Therefore, based on the current performance and management guidance, the company is slightly overvalued."

I don't see how you come to your QED conclusion here.

It has also been clearly stated by the company that all components of Project85 have been completed and when fed exclusively from UG ore from Syama have produced recoveries over 85%.

The capital expenses at Syama have been to achieve 15km of UG developmemt (ahead of previously published schedules as I have previously posted), the repurposing of and building of significant new components to the sulphide circuit, automation commisioning and the construction of mine plant and infrastructure to commence mining the Tabakoroni depoist, which included the construction of a gravity circuit and a 35 km all weather road.

If you want to discount $400 million of sunk costs and a reserve and resource base that rivals most of its peers which trade at much higher multiples based on reserves and the scalabilty of Syama going forward that is up to you.

This is just rear view mirror stuff that gets you nowhere on the stockmarket IMO. The March quarter will tell the story in terms of the ramp up, proportion of ore mined from UG at Syama and corresponding recovery improvement plus the ongoing performance through the oxide circuit as grade and production increase with depth and falling strip ratios (possibly with a small fall in recovery as more sulphide ore is mined. Esh